A recent report indicated that amidst a general decline in tech salaries in Singapore in 2023, certain roles such as data science and cybersecurity experienced significant wage increases. Data scientists led the way with an 11.3% salary hike, followed by systems analysts, cybersecurity engineers, and quality assurance professionals.
The surge in compensation for data scientists was attributed to the growing interest in generative AI technologies, with the launch of the viral chatbot ChatGPT in November 2022 contributing to an AI boom.
Despite the overall tech salary downturn, it was noted that salaries for cybersecurity engineers rose due to the increase in cyber attacks in the Asia-Pacific region. Organizations prioritizing cybersecurity measures in response to the rise in incidents such as malware and phishing attacks contributed to the salary growth in this field.
On an industry level, the Nodeflair report highlighted that most tech salaries experienced a drop in 2023, aligned with the decrease in tech funding in Asia. Startup funding in Asia decreased by 38% in 2023 compared to the previous year, with venture funding totaling $78.1 billion, down from $125.2 billion in 2022.
Notably, software engineers in Singapore saw a decrease in average salaries by 0.99% in 2023, marking a shift from the average increase of 7.61% seen in 2022. Solutions engineers and game engineers also experienced a decline in wages by 5.69% and 6.66%, respectively.
The report highlighted that the decline in blockchain engineers’ salaries by 5.41% mirrored the broader crypto winter triggered by events such as FTX’s collapse and the resignation of Binance’s Changpeng Zhao amidst criminal charges. Global macro uncertainty led to extensive layoffs in the tech industry, with over 260,000 workers across nearly 1,200 companies losing their jobs in 2023.
Looking ahead to 2024, companies are anticipated to leverage cross-border and remote hiring strategies to navigate talent shortages and reduce costs. Ethan Ang, CEO, and co-founder of NodeFlair, pointed out the ongoing talent challenges in the tech industry amidst the emergence of generative AI and a focus on financial prudence.
